Family member asks to purchase mobile home in my name Real Estate |
- Family member asks to purchase mobile home in my name
- Parents' house near new Amazon HQ, check my strategy for converting to multi-family
- Venice, CA -- Should I Buy an Adjacent Property?
- Financial Commitment Is Due Today, No Appraisal Report to Mortgage Co Yet. What Are My Options?
- Finding and buying a multi family foreclosure: where to start?
- First time home-buyer, Bubble (?), concerns
- How do you see the loans that make up a CDO or mortgage bong ?
- Help choosing mortgage options
- [CA] Please help me start the first time home-buying saga : Prequalification
- What to know before firing my Buyers agent?
- Homework help! Having trouble figuring out how to do this last problem. Anyone have any ideas on how to work it?
- Help on Costly Tax Exemption Issue
- USDA Rural Development Interest Subsidy Recapture - Tax deductible?
- High level analysis of climate change risk exposure of REITs
- [Texas] Do I need 98 or 18 hours of CE before the first 2 years of being an agent in TX?
- What information can I request? Previous buyers contract fell through
- Anyone an out of state investor?
- Possible to find any liens and amounts on a title before submitting an offer?
- Any Real Estate Experts from Alberta Here?
- Wholesaling Real Estate Flaw
- Can I ask another agent what price their listing went under contract for?
- Prepping for the state test, need help
| Family member asks to purchase mobile home in my name Posted: 26 Nov 2018 10:17 PM PST I'll try to keep it short. A retired family member wants to purchase a mobile home in California and has asked for me to be listed as the owner. They will pay it all in cash, I wouldn't do this otherwise. I'm interested in hearing people's experiences if they have done something similar. I know that as owner I'd be responsible for property taxes and paying the lot rent in case they pass away. But what else would I be on the hook for? And does this impact my income taxes? Other things I should consider? [link] [comments]  |
| Parents' house near new Amazon HQ, check my strategy for converting to multi-family Posted: 26 Nov 2018 07:23 PM PST Hi there, thanks for reading! So here are the details:
PLAN
QUESTIONS Build Costs - Anyone have insights into building costs for a 4 unit townhome building in Arlington? And any other significant costs to be aware of? Understand there's a ton to consider here, just looking for ballpark estimate for now. Financing - We have about $50k of cash and great credit between my parents and I. With the cost of neighbor house (~$680k) plus build costs for the 4 unit townhome ($??), plus other expenses. Just wondering out loud if we can expect to get a bank loan for all costs, or should expect to raise some private. Beyond that, any other thoughts, suggestions really appreciated! Thanks again for reading! [link] [comments]  |
| Venice, CA -- Should I Buy an Adjacent Property? Posted: 26 Nov 2018 11:41 AM PST About 18 months ago, I purchased a home very close to the beach in Venice CA (SFH). I've sunk about $100k in renovations, maximizing every square foot of both the home (800 sq ft) and lot (2000 sq feet). I've had real estate brokers cold-call me offering ~1.7mm on online pictures alone (without seeing current rennovations). Recently, the home next to mine went on the market for $1.4mm; it's owned by a woman who is a physician at a large healthcare company. She has had long-term renters, and purchased the home in 2016 for $1.4mm. I think she's liquidating the home (for the same price she purchased it) for one of two reasons: [1] she thought this would be a new hobby as a real estate investor but is more work than she can take on or [2] she realized that the market rate of a 2BR / 2BA doesn't cover her costs (it rents for about $5,500 a month). I have money to meet the 20% down requirement, but I doubt I'd get the mortgage because I just switched jobs. I'd love to purchase this house and either [1] AirBnB it or [2] renovate and flip it. or [3] acquire the property and combine the lots to and either [a] develop a multi-unit condo on it or [b] sell it to a developer as a double-lot who would like to develop a multi-unit condo on it. I'd rather purchase it so that a developer doesn't come in and build an ugly 3-story box and take my sunlight. A few questions:
Note: I'm not in real-estate; I work in tech. Thanks much! [link] [comments]  |
| Financial Commitment Is Due Today, No Appraisal Report to Mortgage Co Yet. What Are My Options? Posted: 27 Nov 2018 04:54 AM PST First-time homebuyer. Everything has gone smoothly with the mortgage process until now - excellent credit, good jobs, ability to put down more than 20%, etc. Per my contract, I must submit proof of financial commitment from my lender by 5pm today. Loan officer received a message from appraisal mgmt company that local appraiser has yet to submit a report. My real estate agent is pressing me to have my loan officer draw up a document that says that financing is a go. This sounds like a bad idea to me. First, I cannot imagine that the loan officer would do that without the appraisal. Second, isn't it in my best interest to know the actual value of the home to ensure that the purchase price is fair? Is it appropriate to have my agent request an extension, as this is a circumstance beyond my or my lender's control (I am in a rural area and the appraisal mgmt company had a difficult time finding an available appraiser)? If so, how many days would be reasonable to ask for? Or should I take my realtor's advice and ask my loan officer for a document of commitment? [link] [comments]  |
| Finding and buying a multi family foreclosure: where to start? Posted: 27 Nov 2018 03:06 AM PST Southeast Wisconsin. First time home buyers looking to find an affordable multi-family house. We are NOT rich, but ideally would like to find something we could mostly afford alone, letting our housemates have the other half for as cheap as we can make it for them, so if we can pay for it ourselves, great. (Reasons.) Is a foreclosure a safe bet, or are there reasons that wouldn't be recommended? We do have a VA mortgage loan available for use. How would I start looking for this specific kind of search? Do I look for houses first, or a realtor? Where would I go to look for either? I understand that it's best to get pre-approved first, and that's in the plans. I'm hoping to find something around $200k or less, but we're not sure what we'll be approved for yet. Thanks! [link] [comments]  |
| First time home-buyer, Bubble (?), concerns Posted: 26 Nov 2018 09:53 AM PST I've been doing a ton of research on the housing market recently, especially in regards to the potential opportunity for a correction or crash, although I don't like that word. My fiance and I (23 y/o) are going to be getting married and moving out of our parents homes in the next 7-9 months, and we are both very concerned with whether or not we should rent or buy. I understand that a lot can happen in our time frame. We are really looking for advice on how to handle the current state of the market. I work in mortgages, so I've seen the rates go up rather quickly in the last year. Does anyone see them slowing down in the NEXT year? I know that nobody can time the market. I know that there's never a perfect time to buy a house. I know that we should buy when we feel "comfortable". The housing prices in our area (Baltimore/DC) seem unreasonably high though, and because we likely wont be able to put 20% down, we fear that we could end up underwater if the market tanks, or even simply corrects. Is anyone here in a similar situation? Has anyone been in this situation in the past that may have some words of advice? I know that there is not a right or wrong answer, just hoping for advice from those of you who may have seen this before. [link] [comments]  |
| How do you see the loans that make up a CDO or mortgage bong ? Posted: 26 Nov 2018 06:40 PM PST I've been searching with no luck. I'm assuming these have to be some sort of public record but I can't seem to find any information on what makes up either of these. [link] [comments]  |
| Help choosing mortgage options Posted: 26 Nov 2018 05:28 PM PST Hi all, Looking at locking in on a mortgage soon. The home cost is 155,000 and I plan on putting 20% down to avoid PMI. I've obtained quotes for 15,20 and 30 year fixed mortgages that seem to range all over the place. I'm currently leaning towards a 15 year mortgage and am having a hard time with whether to go with the higher interest and lower closing cost, or just pony up the closing cost up front and have a lower rate. I do not know how long I plan to stay in this home. I'd think 5 years or so. I'm considering the following loans: 15 year fixed at 4.125% with monthly payments of $1102. This loan has the highest closing cost, $35,350, and I'm paying a small fee $155 to the lender for the lower points. 15 year fixed at 4.25% with monthly payment of $1110. Closing costs total $35,035 with the lender pays me $155. 15 year fixed at 4.375% with monthly payment of $1117. Closing costs come in at $34,420 with the lender paying me $775. 30 year fixed at 5.25% with monthly payment of $862. Closing costs come in at $33,689 with the lender discounting me $360. I have about $45k total to my name, so obviously ~$35k is a large hit. Should I just deal with the higher interest rate in the meantime and save on the upfront cost effectively leaving me a little more of an emergency fund. I earn a decent income relevant to the house cost (~97k) so I should be able to replenish the fund fairly quickly. I also plan to pay this home off in less than 10 years. I've read several suggestions of taking the 30 year fixed for flexibility and just overpay each month. I'd love any insight into this whole situation and any opinions from you all. Thanks! [link] [comments]  |
| [CA] Please help me start the first time home-buying saga : Prequalification Posted: 26 Nov 2018 09:11 PM PST Hi, our family have been renting ever since we immigrated to USA, and now we need to have a house for our parents to settle in / retire. I know it's gonna sound strange, but still please hear me out: the house I want to buy is a 4-bedroom house for my parents. They will be used to run a successful AirBnB-type business out of the rooms, and that way it would be a way for my parents to sustain an income. Typically those houses are around $1mil in Southern California. My parents will pay the mortgage. They have no sizeable income, only some savings in Korea. Luckily I got a raise, and my salary is $110k. I left grad school with ~$300k federal student loan, and due to how I pay it, I only pay about $400 a month. Besides that, only debt I pay monthly is my car loan, which is $119. Question: I read that prequalification is the first step in the home-buying steps. Is that right? Also, should I get prequalified for 30-yr FHA, and not the standard 30-yr fixed mortgage? Question: How much help can I get from the government? I know there are federal first-time home purchase programs, but I don't know exactly which they are. I know something like CALHFA can help with down payment assistance. Question: Is the strategy to combine prequalified loans, CALHFA down-payment assistance, and savings, to meet the price of the house? Sorry I'm really not being coherent here. Sorry for my haphazard dash of facts and questions, and thanks in advance for your replies. This whole thing is a new field for me and I'm very lost :S Thanks! [link] [comments]  |
| What to know before firing my Buyers agent? Posted: 26 Nov 2018 05:13 PM PST My wife and I have looked at over a dozen homes with our buyers agent over the past couple of months, we even had one under contract but had to leave it during due diligence. We also signed a contract for another but were bid out. They are very nice and have been very helpful. The issue is that due to the difficulties we have been having we have decided to buy a house from my fathers estate which my brother is the executor of. For this deal he will not be using a selling agent and we want to avoid using a buyers agent. How should I break this to them and what should I expect/know. We are first time home buyers. [link] [comments]  |
| Posted: 26 Nov 2018 02:48 PM PST a) You want to purchase a house and you are offered 2 loans by different lenders. Lender 1 offers you a 30-year fixed rate mortgage loan with 3 discount points and an annual interest rate of 5.2%. Lender 2 offers you a 30-year fixed rate mortgage loan with no discount points and an annual interest rate of 5.6%. Estimate the effective borrowing cost (EBC) of both loans and select the one that is more convenient for you. Assume that you will live in this location for 30 years. (4 points) b) Suppose that instead of staying in this property for 30 years you plan to live in it for only 3 years and then sell the property after that. Using the same information previously described with the exception of the tenure length, estimate the EBC of each loan under this new scenario. Which loan do you prefer? (4 points) [link] [comments]  |
| Help on Costly Tax Exemption Issue Posted: 26 Nov 2018 07:07 PM PST EDIT: Indianapolis, IN. Today I received mortgage documents on the home we are in the process of buying. The estimated monthly payment was significantly more than I anticipated based on DP and the cost of the home. It turns out it is because of the taxes. A few things are going on: One, the home does not have a mortgage or homestead tax exemption applied. We were not notified of this, I figured it out by comparing BLC sheets. (We have a buyer's agent. I am also feeling remiss as well, but it never occurred to me.) Two, there is a property tax cap in our state that is at 1%. The home's accessed tax value is $197,400, but the previous owners have been paying $3,800 a year. I am not sure why this is, but I am plan on calling the accessor tomorrow. Finally, in our state we pay taxes in arrears, so we will have a year of our mortgage being about $300 dollars more a month than we had bargained for. Which is doable, but very tight, and makes the payment for a house if its worth very high. Can anyone shed some light on this situation or offer advice? (I have contacted our realtor) I appreciate it! [link] [comments]  |
| USDA Rural Development Interest Subsidy Recapture - Tax deductible? Posted: 26 Nov 2018 06:35 PM PST This is kind of a niche question, but I have joint ownership of the family home and am considering a small refinance. The payments are extremely manageable and family is on board. The idea would be to use this money to pay off a private student loan, thereby reducing the interest rate and getting a mortgage interest deduction - I am in the 24% federal income tax bracket. The home was built using a Farmer's Home Administration loan, and there's a recapture lien against the property which we would need to pay off. My recollection is that these are deductible as mortgage interest, and that since I'm paying off the mortgage, I am eligible to claim it. However, if that's not true, this is probably not really worth pursuing. I'm not finding much information online one way or the other. Does anyone know the correct answer? Much appreciated. [link] [comments]  |
| High level analysis of climate change risk exposure of REITs Posted: 26 Nov 2018 11:50 AM PST The key takeaways on page 1 are very interesting for anyone considering investing in real estate in the medium term [link] [comments]  |
| [Texas] Do I need 98 or 18 hours of CE before the first 2 years of being an agent in TX? Posted: 26 Nov 2018 03:28 PM PST I came across this website and I need to start my CE classes. I thought I only needed 18 hours of CE every 2 years. Is this link what I actually need the first time I renew? I got my License 9/30/17. It expires for the first time on 9/30/19. I want to make sure I am going to purchase the right thing and not screw up! Thank you fellow agents! [link] [comments]  |
| What information can I request? Previous buyers contract fell through Posted: 26 Nov 2018 11:36 AM PST Hi Reddit, I am looking at a house this afternoon that just came back to market after it has been previously marked "Pending". For whatever reason the contract fell through for the previous buyers. Can I request information such as previous home inspection reports? Is the selling agent legally obligated to present them? I would like to read a report before making an offer if they have one and see if there were any glaring issues. Of course I would perform my own if I were to pursue this property. What other information can I request, if any? Long Island, New York [link] [comments]  |
| Anyone an out of state investor? Posted: 26 Nov 2018 03:12 PM PST Texas investor here. Most of my deals that I have done in the past are local to my area, but as of recent, I have been getting out of state leads. The leads are motivated sellers. The one consistent problem I have been coming across is I am unable to get them to send me photos of the house. It is usually something along the lines of "I will send them to you tomorrow or try to get them this weekend." And of course, when I don't hear back, I do a follow-up. Is anyone else experiencing this when talking to out of state sellers? Someone mentioned that I need boots on the ground. Totally agreed, the catch is, I never know where these leads are coming in (which state) from. [link] [comments]  |
| Possible to find any liens and amounts on a title before submitting an offer? Posted: 26 Nov 2018 02:13 PM PST Looking at a REO foreclosed property, sellers documents say they won't guarantee free and clear title which our agent says it odd, is there any way to find any liens on the property before we submit an offer? Ideally with the amounts of the liens included. Is a pre offer title search the only way to do this? Thanks! Edit - Location is Allegheny County, PA. [link] [comments]  |
| Any Real Estate Experts from Alberta Here? Posted: 26 Nov 2018 02:11 PM PST After having saved up for quite a few years and living in a rented house, I decided to invest in real estate myself. I was looking around Google and I, therefore, have tons of ads related to real estate near me in St. Albert Alberta. One of them that seems to discuss foreclosure listings talks a lot about how foreclosure listings are on the rise in Alberta in general. This is what I would like help understanding: Do banks when they deal with foreclosures sell the houses at market price or do they sell so that they regain the money they lent? If the predicted increase in foreclosures the coming year or two as predicted based on current stats is true, this could mean that there are more houses on the market and hence the rates could fall and benefit me. But, if banks don't sell at market rates, the supply-demand ratio may not lower the rates of these foreclosure homes and hence the overall market prices will not drop due to this reason alone. I personally see a slow time in the economy in the coming two-three years and this could lower prices a bit as fewer people would buy, but if banks do not lower prices based on the market, this may not really give me better options, right? I feel I'm understanding this all wrong. A part of me is saying I should invest as soon as I find a good home, while the other part of me is saying wait it out, save more and I could eventually get a better place for the same price in 2020. I'm not really looking for free real estate counseling, but any info on how the foreclosure market in Alberta functions would help. [link] [comments]  |
| Posted: 26 Nov 2018 01:59 PM PST Some people think it's easy to make money from wholesaling real estate, but say I am desperate to sell my house for whatever reason, what stops me from finding a buyer myself? I could also develop a "buyer list" and then approach a builder and sell it to them... [link] [comments]  |
| Can I ask another agent what price their listing went under contract for? Posted: 26 Nov 2018 12:29 PM PST I have a listing in the same neighborhood as two other listings that went under contract yesterday. Our listings are all very similar as far as square footage and list price, but my listing isn't quite as updated as the other two. I'm really interested in knowing if they were able to secure a contract at full asking price or if they accepted offers. I prefer not to wait another 30-45 days for them to close to find out. Can I reach out and ask the listing agents what price the homes are under contract for? [link] [comments]  |
| Prepping for the state test, need help Posted: 26 Nov 2018 12:09 PM PST I haven't taken the state test because I already had a job. It was a couple years ago..any book recommendations for prepping in NY, any advice? [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment